The Decision Maker

Aaron Wang

Recent Posts

This Bank Understands the Importance of Data

Posted by Aaron Wang on Mar 21, 2014 7:43:43 PM

We have been meeting with credit union executives over the last several months with the message of “make data a strategic priority.” While some credit unions understand that the volume, velocity, and variety of data is exploding, most credit unions make data a project, and not a strategy.

A Bank in Australia gets it. On 22 January 2014, Westpac Group was ranked number one in the 2014 list of the ‘Global 100 Most Sustainable Corporations in the World’. Their vision is to be one of the world’s great companies, helping our customers, communities and people to prosper and grow. They know they cannot achieve their vision without making data a strategy.

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Topics: Analytics

Believers at the Top

Posted by Aaron Wang on Feb 23, 2014 2:43:08 PM

“The factor perhaps most determinant of success with an analytical strategy is the degree of engagement from the executive ranks.”

This quote from the recent Aberdeen Group report Executive’s Guide to Effective Analytics (http://bit.ly/1e7nZFH) sums up one of the key drivers to an effective credit union analytics effort.

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Topics: Reporting and Analytics, Analytics, Credit Unions, Decision Support

The Hidden Resource Waster

Posted by Aaron Wang on Jan 30, 2014 10:53:18 AM

The “Data Explosion” is requiring credit unions to allocate more time, effort and energy than ever before to manage their data. The growth and source (online and mobile) will continue to grow into the foreseeable future. The BI tool used by many community financial institutions is spreadsheets. Spreadsheets have served us well and will continue to be a great tool for use on your personal desktop. Where it falls short is trying to manage and analyze the volumes of member data and transactions at the Enterprise level.

How many Spreadsheets?

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Topics: Analytics

Report from the Frontier

Posted by Aaron Wang on Jan 19, 2014 3:34:21 PM

In the December 2013 issue of the Harvard Business Review, reporting and analytics guru Thomas Davenport writes about how far the innovators in the analytics field have advanced.

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Topics: Reporting and Analytics, Analytics, Credit Unions, Decision Support

Amazon vs Borders: A Lesson for Credit Unions

Posted by Aaron Wang on Jan 9, 2014 12:22:36 PM

In the book Competing On Analytics by Davenport and Harris, Amazon is featured as an “Analytic Competitor”. Amazon was a new entrant to a very mature market and within 10 years became a leader in a market that saw the demise and eventual bankruptcy of a formidable competitor. Why is this story relevant to credit union leaders?
I am an enthusiastic supporter of a flourishing Credit Union movement. Since 2009, the industry has experienced growth in membership, net assets, ROA, and capital. From a business strategy perspective these are noteworthy achievements. Yet, there is an absence of a true “leapfrog” strategy to move credit unions to the next level of competitive advantage. When I look at the changing competitive landscape of today’s credit unions, I think that much can be learned from the recent history of Border Books and Amazon.
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Topics: Analytics

Improving Data: What questions should we be asking ourselves?

Posted by Aaron Wang on Dec 19, 2013 10:58:10 AM

Many credit unions have just completed their strategic planning process, preparing them to navigate the many challenges ahead. I wonder how many credit unions ended up with one of their strategic priorities for 2014, a strategy of Improving Data. I wonder if the question of data and the complexities and opportunities present were even discussed. While it is clear that the volume of data is exploding and coming from different sources, it is not clear what questions should be asked.

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Topics: Analytics

9 Analytics Predictions for 2014

Posted by Aaron Wang on Dec 15, 2013 12:36:55 PM

The analytics research group has gathered thought leaders and industry experts to share its nine analytics predictions for 2014.

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Topics: Analytics

Big Data Beyond Business Intelligence: Rise Of The MBAs

Posted by Aaron Wang on Dec 15, 2013 12:30:50 PM

Evolving quickly alongside today’s business demands, the data scientist profession is faced with the challenges of interdisciplinary rarity. And the job pool is struggling to keep up. Just as we’re beginning to put Big Data in its place, its human counterpart seeks definition within the modern enterprise.

Can the data scientist keep up with today’s growing data demands? The specialized and expensive skills required for this coveted profession are hard to find, making the data scientist a difficult role to scale. So even as the data scientist is hailed as the hero to optimize business as we know it, automation must assist this practice in efficiency.

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Topics: Analytics

Amazon vs Borders: A Lesson for Credit Unions

Posted by Aaron Wang on Dec 6, 2013 6:17:05 PM

In the book Competing On Analytics by Davenport and Harris, Amazon is featured as an “Analytic Competitor”. Amazon was a new entrant to a very mature market and within 10 years became a leader in a market that saw the demise and eventual bankruptcy of a formidable competitor. Why is this story relevant to credit union leaders?

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Topics: Analytics

Preparing for Game Day

Posted by Aaron Wang on Dec 4, 2013 1:45:29 PM

Preparing to Compete

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Topics: Analytics

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